https://youtu.be/pc5KdlLalYA?si=wVdLTQ_jKuKgT5y-
SLGC IPO @ RM0.28: RM1 Billion Order Book vs. Shrinking Margins? @YZFinanceMY

SLGC Berhad is hitting the ACE Market at RM0.28—but are the latest numbers a Green Flag? 🚩📈

Investors have something the Prospectus story didn't show: SLGC's latest Q2 FY2026 results.

Here’s the breakdown before you decide:
✅ The Bull Case:
• Massive Order Book: RM1.00 billion in unbilled contracts, providing revenue visibility until 2030.
• Earnings Jump: 1H FY2026 revenue hit RM203.12 million—that’s already 62.7% of the total revenue they made in the whole of 2025!
• Machinery Growth: Using IPO proceeds to buy RM9.24 million in aluminium formwork and hoists to cut rental costs.

⚠️ The Bear Case:
• Margin Pressure: Gross profit margins dipped from 17.5% in 2024 to 13.8% in 1H 2026 as they take on more residential projects.
• Cash Flow Lag: RM131 million is currently tied up in contract assets (work done but not yet billed).
• Litigation Risks: Ongoing arbitration and suits with past clients and subcontractors.

The Verdict: At RM0.28, SLGC is trading at a TTM PE of roughly 9.18x. Is the RM1 billion order book enough to offset the margin squeeze?

Watch our full explainer video here:
https://youtu.be/pc5KdlLalYA?si=wVdLTQ_jKuKgT5y-

#BursaMalaysia #IPO #SLGC #Investing #StockMarket #ACEMarket


SLGC Berhad 即将以 RM0.28 上市 ACE Market！最新 Q2 业绩是利好还是隐忧？🚩📈

SLGC 上市在即，投资者现在拥有了比招股书更关键的信息：2026年第二季度（Q2）的最新业绩！

在申请申购前，先看这些重点：
✅ 看好理由：
• 订单爆棚： 拥有高达 RM10亿 的未入账订单，收入可见度直达 2030 年。
• 业绩冲刺： 2026上半年营收已达 RM2.03 亿，占了 2025 全年营收的 62.7%，工程进度明显加快。
• 降本增效： IPO 集资将拨出 RM924 万购买自有铝模板和升降机，减少租借开支。

⚠️ 风险提醒：
• 利润收窄： 毛利率（GP Margin）从 2024 年的 17.5% 下滑至目前的 13.8%，主要是因为住宅项目占比增加。
• 现金流压力： 账面上仍有 RM1.31 亿的合同资产（已完工但未结算），现金流回正仍需时间。
• 法律诉讼： 目前仍卷入多宗与前客户和分包商的法律仲裁案。

总结： 以 RM0.28 发售价计算，SLGC 的滚动市盈率（TTM PE）约为 9.18 倍。面对 RM10 亿的订单和收缩的利润率，你觉得这估值合理吗？

点击观看完整分析视频：https://youtu.be/pc5KdlLalYA?si=wVdLTQ_jKuKgT5y-

#马股 #IPO #SLGC #投资 #大马股票 #ACEMarket